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Questions -
Q1. The Manggo Company has the following items in its general ledger: Petty cash fund- P5,000; Checking account, PCIBank- P290,000; Cash fund legally restricted for short-term borrowings, PCIBank- P100,000; Checking account, BPI Bank- P(170,000); Checking account, Metrobank- P49,500. The amount of cash that should be reported in Manggo's balance sheet as a current asset is:
A. P395,000
B. P374,500
C. P344,500
D. P174,500
2. A bank statement shows a balance of P15,000. The Buko Company's cash account for the same date shows a balance of P13,150. The following information is needed to reconcile the bank statement: Deposit in transit- P 6,200; Outstanding checks- P3,000; NSF check- P1,200; Service charge for the month- P150; Proceeds of note collected by the bank- P6,400. What is the correct balance for cash after considering the reconciling items?
A. P18,200
B. P11,800
C. P10,600
D. P5,600
on june 1 the cash account balance was 38750. during june cash payments totaled 239140 and the june 30 balance was
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